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$100,000 Personal Loan Newbie

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I can't seem to find much content on personal loans on this forum.

 

I want a $100k loan for 3 years. But have never done a loan. And I cannot do balance transfers for that amount.

 

My questions:

If I paid my loan within 1 year, can I pay off the the entire principle, or must I pay off the principle + all the interest? (I ask because I understand that lenders such as SoFi automatically include principle + interest in every monthly payment.)

 

Do most loans charge monthly interest on the remaining balance... or do they factor in the lifetime of the interest like SoFI?

 

Thank you for your time,

 

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Very unlikely you can get 100k unsecured without existing substantial high limit accounts and/or high income and relationships with a bank. Absent either of those and you can get maybe 25k off the cuff. 

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Sofi, Lightstream or Earnest are known to issue 100K loans. In general, you will have a high likelihood of qualifying for a 100K loan, if ALL of the following are true:

  • Your debt-to-income ratio after the loan is issued supports a 100K loan
  • You don't seem to have been applying for new credit recently (accounts with open dates or just credit inquiries within last 6 months are bound to disqualify you by these specific issuers, but other issuers with lower loan limits may overlook it)
  • Your overall and/or individual account utilization rates are below 30% (may be 50% tops)
  • Other banks have issued you credit cards or loans in the past of high limits (30-40K at least)
  • Your FICOs are over 740+ 

 

Lightstream is most demanding, while Sofi is the least. If any of the above is not true, you should look elsewhere.

 

Credit unions in general have personal loans at the 25K level (or 50K tops if its a bigger CU like NFCU).

 

Edited by generallissimo

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